Stelmine Canada Ltd.
TSX VENTURE : STH
December 07, 2017 10:38 ET
QUÉBEC, QUÉBEC--(Marketwired - Dec. 7, 2017) - Stelmine Canada (« Stelmine ») (TSX VENTURE:STH) In view of the strong interest manifested by the mining industry in developing new high-potential gold projects within highly metamorphosed terranes (ex : the La Grande and Opinaca subprovinces), Stelmine considered a priority to secure claims forming the eastern extension of the Courcy project. The Company reports the staking of 84 new designated claims, covering 43.9 km², adjacent to the eastern border of its Courcy flagship property. The Management took this decision based on the conclusive results of the exploration work carried out on the property during 2017. The Courcy property now consists of 393 claims, 100% owned by Stelmine, and totalling 200 km². The project is located in the Superior geologic Province < 110 km west of the city of Fermont on the Quebec/Labrador border.
The new eastern extension of the Courcy property englobes volcanosedimentary assemblages showing a magnetic signature similar to that of the western Soulard Formation exposing gold mineralized zones (0.3-24.8 g/t Au) rich in pyrrhotite-pyrite±chalcopyrite related to deformed, mylonitized and metamorphosed rocks to the upper amphibolite facies (Iron formations, amphibolites, quartz arenites, fuschite clasts conglomerates, ultramafic rocks).
Next year, Stelmine will extend its exploration campaign on the eastern Courcy extension. Work will include a MAG-VTEM heliborne survey, geologic mapping and rock sampling initiated from a base camp already set up on the Courcy property.
Stelmine is a junior mining exploration company and its activities are located in the Province of Québec. Stelmine holds 754 claims spanning 383 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts similar to the one leading to discovery of the Éléonore Mine. Its capital stock consists of 22 276 052 issued and outstanding shares for a current market capitalization of $4.5 million.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Stelmine and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Stelmine. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.